Need a mortgage? Get it before you retire

New York

PAYING off the house used to be a cause for celebration, but many retirees no longer see it that way.

An increasing number of older Americans prefer to have a mortgage. They may have the means to buy with cash but choose instead to take advantage of prevailing low interest rates and tax breaks while freeing up their savings for other uses.

Some may wonder if they can still qualify for a home loan without having a full-time job. But more often than not, banks are willing to lend - as long as you have regular monthly income, like a pension and social security, or retirement assets.

"Historically, people would pay off their mortgage in 20 to 30 years and have a mortgage-bur…